(Reuters) Canadian apparel maker Canada Goose reported a smaller than expected quarterly loss in its first earnings report as a publicly listed company, buoyed by higher sales that helped offset a jump in expenses.
However, the company’s net loss widened to C$23.4 million ($17.30 million), or 23 Canadian cents per share, in the three months ended March 31 from C$9.2 million, or 9 Canadian cents per share, a year earlier.
Canada Goose, known for its expensive jackets that have been made popular by celebrities such as Canadian rapper Drake, said quarterly revenue jumped 22 percent to C$51.10 million.
Analysts had expected an adjusted loss of 19 Canadian cents per share and revenue of C$31.25 million, according to Thomson Reuters I/B/E/S.
Direct to consumer sales surged more than 174 percent to C$36.5 million in the quarter.
Selling, general and administrative costs doubled to C$54.7 million in the latest quarter, including C$15.2 million in costs related to its initial public offering, the company said.
Up to Thursday’s close, Canada Goose’s shares have risen 48.2 percent from its IPO price of C$17. ($1 = 1.3525 Canadian dollars) (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D’Silva)